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Monday, June 27, 2011

One
of the side effects of the US hitting its debt ceiling in mid-May is
that while the components of its total debt have been shifting, with
total marketable debt slowly grinding higher, while intragovernmental
holdings (i.e., government retirement pension accruals) declining, the
total thing has been flat as a pancake at just $25 million below the
mandated ceiling. Since May 16 (or 57 working days now), total US debt
has been $14.345 billion and not a penny more. Yet the issue is that
with the US expected to have a roughly $1.5 trillion budget deficit in
the calendar 2011 year, the ongoing contraction in debt issuance is only
temporary. Basically when and if the debt ceiling is lifted, the
Treasury will not only have to issue as much debt as before, but it will
have to issue massively more in the short term to catch up to the
ongoing run rate, and also in order to prefund the same retirement
accounts it has been plundering for the past 6 months. So here's the
math. As the chart below shows, since May 16, the cumulative divergence
between where total debt is and where it should be is now a whopping
$265 billion. That's right: when the debt ceiling cap is finally lifted,
and it will be lifted, with republicans "kicking and screaming",
Geithner will suddenly find himself needing to plug a gap of over 2
months worth of accrued treasury issuance. Mathematically, this means
the Treasury will have to sell not the $100 billion or so in net debt
but well over double that in August and September. And this will happen
at a time when there is no QE2 to soak up the excess slack. Read Full Story

The
Venezuelan government rejected
reports that President Hugo Chavez is in critical condition following
emergency surgery in Cuba, insisting the firebrand leftist leader was
"recovering well."

Chavez's government said he had an operation for a pelvic abscess on
June 10 and continues to mend.
"He is recovering," Information Minister Andres Izarra told AFP in
the wake of a report by Miami's El Nuevo Herald citing
unnamed US intelligence sources as saying the 56-year-old "is in
critical condition - not on the brink of death, but critical indeed."

Republican presidential hopeful Newt
Gingrich has joined other conservatives in using high
unemployment rates among African-Americans as a bid against President
Obama, saying that the president has performed so poorly that blacks
will vote Republican in 2012.
"No administration in modern times has failed younger blacks more than
the Obama administration," said Gingrich during the keynote speech at
the Maryland GOP's annual Red, White & Blue banquet in Baltimore.

Gingrich cited high unemployment rates among African-American teenagers
and said that the black vote is ripe for the picking.

"Think of the social catastrophe of 41% of a community not being able to
find a job. But we have to have the courage to walk into that
neighborhood, to talk to that preacher, to visit that small business, to
talk to that mother. And we have to have a convincing case that we
actually know how to create jobs," he said, as reported on talkingpointsmemo.com.
"The morning they believe that, you're going to see margins in percents
you never dreamed of decide there's a better future," Gingrich said.
"It takes courage, it takes hard work, it takes discipline and it's
doable."

Gingrich stepped in it earlier by calling Obama "the food stamp
president," but said that if elected he would be a "paycheck president."
Gingrich, a former Speaker of the House, invoked the phrase again
during Thursday's speech, adding a bit of nuance, suggesting that blacks
might have a come-to-Jesus moment this election and distance themselves
from the president.

"I will bet you there is not a single precinct in this state in which
the majority will pick for their children food stamps over paychecks,"
he said.

Gingrich's remarks ring similar to those of Rep.
Michele Bachmann, who is also running for the Republican
presidential nomination and told a group at the Republican Leadership
Conference in New Orleans last week that Obama "has failed the
African-American community" for not doing more to bolster employment
rates.

Gingrich has a long history of making what some have seen as
patronizing, bigoted or outright racists remarks about minorities, women
and the LGBT communities.

In August Gingrich compared the proposed Islamic center near Ground Zero
to Nazis erecting a sign near the Holocaust Museum or a Japanese
memorial near Pearl Harbor.

In 2007 he said that bilingual education teaches "the language of living
in a ghetto."

And in 1995 he said that women were not fit for front line combat in the
trenches because "they get infections."

One of the more offensive of Gingrich's comments came in a 1994
interview with The New York Times, in which he proposed that the
government should abandon giving poor young mothers welfare and instead
start building more orphanages.

And during a radio show earlier this week with host Laura Ingraham,
Gingrich criticized First Lady Michelle Obama's trip to Africa, again
invoking black unemployment:

"Well you know when you had 45% African-American teenage unemployment in
January in the United States, it would have been nice for the president
to have focused on bringing that hope and optimism to young Americans
as well as young Africans."

By Bill
Wilson
It is time for congressional Republican leaders, including House
Speaker John Boehner, to play hardball on the debt ceiling.

The only way House Republicans’ leverage on the debt ceiling will
work is if they’re willing to not increase the debt ceiling. Because,
if they are unwilling to go that far, they will achieve exactly zero
concessions in exchange for their votes.

That is why Americans for Limited Government is supporting Senator
Jim DeMint and House Republican Study Committee Chairman Jim Jordan’s
“Cut, Cap, and Balance” Pledge. All members of Congress should be
taking this pledge.

Basically, there should be no increase in the nation’s $14.294
trillion borrowing limit unless there are hundreds of billions of
immediate spending cuts, statutory spending caps of no more than 18
percent of the Gross Domestic Product, and a balanced budget amendment
with strong tax and spending limitations.

Unless all of that is done, the American people will have no
assurance that the debt ceiling will not just need to be increased
again, again, and again in the future.
Get full story here.

By Rick
Manning
The past six months have seen public employee unions protesting
around the nation attempting to resist attempts by elected
representatives to rein in the massive overspending of their
predecessors.

Scenes from Wisconsin
to Indiana to even California
have found those who have been hired by taxpayers to do the
government’s business taking to the streets to keep the power, money
and pensions that elected officials who they helped elect granted them.

In Wisconsin, the public employee unions even attempted to influence
a judicial election in a brazen attempt to overturn the decisions
by duly elected officials.

Now, the teachers
union in Florida is suing the state over a change that was made in
the law which would require their members to pay 3 percent out of
their paychecks toward their retirement fund, instead of having that
money provided by the taxpayers.

While I can feel some sympathy toward a public employee who entered
this past year with one set of economic assumptions and had those
assumptions turned on their head. That is exactly what the rest of
America has been feeling for the past three years, largely due to
government overspending, keeping these very public employees in the high
style that they’ve become accustomed.
Get full story here.

SCLC TODAY

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